Comment Text:
Dear Sirs:
The proposed COMEX silver position limit of 5,000 contracts is too large. It's ludicrous. There are only a handful of silver producers or consumers who produce or consume this much silver in a year, yet these limits apply to monthly trading.
What entity would need to trade such large positions for legitimate hedging of production or consumption? There is none.
There are widespread accounts from credible sources that COMEX silver sellers cannot deliver physical silver this month and are offering cash settlements with a premium of 25% to buyers. This is contract fraud. I demand that the CFTC investigate this activity and, if the allegations are true, prosecute the fraudsters.
Widespread credible accounts of corruption demand investigation by the regulating agency, in this case the CFTC. This is your job, why don't you do it?
Regards,
Eric Klein
